#资产代币化 Seeing this latest data released by a16z, the first thought that came to my mind was: the $4.6 trillion stablecoin trading volume in 2024 is no longer a marginal topic. It surpasses PayPal by 20 times and is close to three times that of Visa. What does this scale of volume indicate? It signifies a fundamental shift in the underlying logic of payment settlement.

Recalling the 2017 bull market, people were still debating "what blockchain is really useful for," and stablecoins were regarded as mere speculative tools. Back then, true believers were few. Then came the winter of 2018, the stagnation of 2019, the DeFi summer awakening in 2020, and today, stablecoins have become the backbone of actual payments—I have witnessed this entire process.

Even more worth pondering is the asset tokenization track. Tokenizing traditional assets is not a new term, but transforming it from a "concept" into "practice" requires a critical point. The advancement of tokenizing US stocks, commodities, and indices indicates that the architecture of the capital markets themselves is being redefined. This is not just a technical issue; it’s a thorough upgrade of trust mechanisms and clearing efficiency.

History tells me that every time such a scale of data breakthrough occurs, it often signals an increasing certainty for the next cycle. The transaction network that took PayPal over 20 years to establish is now being accelerated and reconstructed through digital assets, and the logic behind this is irreversible.

Therefore, looking at asset tokenization now is not about a small niche but about the migration process of the entire financial infrastructure.